10 Things You Didn’t Know About NFTs
What are NFTs and why is everyone crazy about them? Let's talk about NFTs, Here are 10 Things You Didn’t Know About NFTs.
1. What is NFT
For those who are not familiar with How NFTs work, let us explain...
NFTs are blockchain tokens that offer ownership, they cannot be copies and no one can modify the record of ownership a new NFT into existence. NFT stands for Non-fungible tokens Such as Music, Images, Videos, GIFs.
2.NFTs Can Be Any Form Of Art
NFTs is an art They can represent any form of digital are whether that be a song, video, images, or even a video game.
Once you publish an artwork it becomes pretty hard to monetize or keep track of its original owner or creator. Creators of NFTs content can attach a commission to his NFTs which receive when selling the Art.
3. Make your Own NFT
Yes, you can make your own NFT, Anyone can create an NFT and sell, which means anyone can create work then turn into NFT on the blockchain and sell it from the marketplace. You can create your NFT for free, but it will only be minted on the blockchain once it is sold. in this phase buyer pays the "gas fee" or transaction fee need to process data on a blockchain network.
4. NFTs can be programmed
NFT's can be programmed, stored exchange or wallet that is based on ERC-721 or ERC-1155 which is the Ethereum platform is also based on the blockchain technology. Though ERC-721 is the most common standard for creating tokens allows the smart certification with different properties, while ERC-1155 allowed to creation of Non-fungible tokens.
5. Most NFTs exist on Ethereum
Blockchain networks are used to mint NFTs, the most popular Blockchain is Ethereum, it supports Fungible tokens such as ETH it differs from Bitcoin it supports non-fungibles. Ethereum makes it possible for NFTs to work for many reasons like You can buy or sell NFT easily, Ethereum never goes down, which means your tokens will always be available to sell.
6. NFT Mint
First, you need to Minted your NFT once they are created, NFTs can be minted free on OpenSea marketplace, Opensea does not charge a convenience fee to mint NFTs, with the OpenSea marketplace finding massive success in 2021
7. Each NFT is Unique
Every NFT is unique, Each NFT can create a verifiably unique asset that someone is prepared to buy for it, Repeatedly the Ethereum token standard of ERC-721.
8.NFTs have no real value.
Many consider it is of a bad investment to buy NFTs due to their incapability to get converted into money. NFT has no real value NFTs are just certificates of ownership, NFT are like a piece of paper where can signs who have the owner of this asset.
9. Decentralized Commerce
Every transaction in the marketplace happens through smart contracts on a distributed ledger network such as Ethereum.
No one can manipulate the market, push art on the front pages or buy fake reviews, additionally, no one can scam.
10. NFT is expensive
NFT is very expensive because NFT is a unique digital asset they cannot be duplicated or replicated NFT holds its value, they cannot exchange, NFTs authentication then a form of exchange they are especially tracking ownership that cannot be replicated such as rights to a property. In other words, NFT gas fees are very high there's no option to skip the fee users must pay for NFT.